Gold is testing the Key FOMC level, and has hit my daily and weekly 'time at mode' targets. RgMov (Tim West's proprietary trend/sentiment analysis indicator) is not confirming the recent highs while we have tested the yearly MA (253 periods simple moving average), making me think we'll see a healthy correction in this rally. I'll be entering shorts here, and aiming for a retest of the mode in the near short term.
This doesn't imply the uptrend's dead here, merely that it might cool down, before resuming. For the time being I'm out of gold longs, but willing to long silver on retrace, making this a pair trade (short gold/silver ratio). Stop loss has to be above the current resistance, I'd reccomend 1-3 daily ATR stop, and target a retest of 1076, or even down to 1060 give or take. Good luck if taking this trade.
Cheers!
Ivan Labrie.
PS: see related ideas, it's time to long the market and short gold (and possibly time to short the gold/silver ratio)
Comment
⋅
I'm short, averaged my entry before the close. It looks like we reached a sentiment extreme, possibly the top.
Comment
⋅
Comment
⋅
Look at the reaction to the top FOMC level...
Comment
⋅
Time expired for the daily and we have a bearish look now. After today's close we could attempt shorting towards the daily mode at 1095.
great ideas and yes i think the uptrend momentum has diminish and time to go down pulled by gravity :D
IvanLabrie
⋅
Just keep a reasonable stop and we'll be fine.
Cheers!
jaejames
⋅
yes buddy since this pair can wiped out and burn fast :D
GoodLuckbabe
⋅
i think you shoot the bullet very early same like USDCAD but you were wright on there i hope again price will go into your way GOLD can not go far away it has to come back i am also waiting for short signal
IvanLabrie
⋅
I very rarely shoot for tops...but see my past gold publications.
Like USDCAD, I don't mind getting stopped a few times until it goes my way. (I'm using a very wide stop to being with, and now at the limit of how far it can go, so I think it's safe)
Check weekly CCI (11) and previous rallies in gold...check commercial traders' activity as well.
You will see.
bracken
⋅
Yes you have made some good calls. No doubt about it. That is why I like to discuss with you. I it gives me no pleasure to be right in a discussion.
The one who loses the discussion has won greater knowledge
IvanLabrie
⋅
True ;)
I just think one side has greater odds and it's the short side for me.
Doesn't mean I'm right, it means I'm following my belief system.
It'll naturally clash with other people's, but that's what makes a market. (leaving market making details aside)
GoodLuckbabe
⋅
looking to sell around 1210 for targeting lower lows here is my look
IvanLabrie
⋅
This is what I mean about obvious trendlines.
Everyone is seeing that gigantic wege looking thing (which in neowave terms doesn't make much sense I think)
I don't think it'll go that high but I could be wrong naturally.